Electric vehicle market scenario in India 2022

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The push towards green energy by the Indian Govt is enormous and EVs are playing a major role in this push. In the year 2022, a total of 7.43 Lakh EVs were incentivized by the Govt, from which 6.62 lakh e-2wheeler, 70,159 e-3wheeler, 5375 e-4wheeler, and 3738 e-buses have received incentives of about Rs 3305 crore till Dec 2022 and 2877 EV charging stations are sanctioned from which 1576 stations are sanctioned across 9 express highways and 16 highways. The Govt is also providing schemes and incentives to private players for manufacturing electric vehicles and these schemes and incentives in 2022 played a major role in the growth of the EV market in India as the number of registered electric vehicles reached 19,67,953 from which 10,06,412 have been registered in 2022. Approx  51.1% of the total EV in India is registered in 2022, this data shows a massive boom in the electric vehicle market as compared to the last five years. The market driving facts of electric vehicles may be the technological advancement as Govt has invested 27000 crores in ACC (Advanced Chemistry Cell) which will help to increase the battery efficiency of EVs and reduce the fire-catching drawback. The affordable cost of EV cars may also be the market driving fact as the models of EVs like Tata Tiago, which cost up to 8-12 lakh with a driving range of 150 - 200 km run on a single charge available in the market and TATA motors have also announced to introduce the cheapest EV in 2023, which may cost up to 2-3 lakh only. The govt target to achieve zero carbon emissions by 2070 and reduce 45% of carbon emissions by 2030 May also be a market-driving fact for EVs.